The 13 Holdings Ltd says that 90.26% of the 920,867,010 rights issue shares made available for subscription have been subscribed as it looks to raise HK$973 million for completion of its luxury Macau hotel and casino, The 13.
In a filing to the Hong Kong Stock Exchange on Monday, The 13 Holdings said it had issued 53 valid acceptances for provisional allotments in respect of a total of 693,207,894 rights issue shares. It added that it would accept 36 valid applications for excess rights issue totaling 137,977,707 shares, or approximately 14.98% of the total available for subscription.
The rights issue was under-subscribed by 89,681,409 rights issue shares, representing approximately 9.74% of the total being offered.
Advance Tech Limited, a wholly-owned subsidiary of ITC Properties Management Group Limited and majority owned by Dr Chan Kwok Keung Charles and his wife Ng Yuen Lan Macy, will be the most prominent investors in The 13 Holdings upon completion of the subscription offer with their stake moving from 4.48% to 10.48%.
“Approval has been granted by the Listing Committee of the Stock Exchange for the listing of, and permission to deal in, the rights issue shares,” The 13 Holdings said in its filing. “Dealings in the rights issue shares in their fully-paid form on the Stock Exchange are expected to commence at 9:00am on Wednesday 21 March 2018.”
The 13 Holdings recently announced that it would propose changing the name of the company to South Shore Holdings Limited in order to “provide a clear delineation between our corporate identity and that of our principal asset,” The 13 hotel in Cotai.
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